Can I give an inheritance early?

Question

The situation is that I want to help younger family members while I am alive, but I am still responsible for my own retirement and emergency needs. The situation is that the requests range from a home purchase to tuition and other major expenses. What should a planner understand about my situation before making a recommendation?

Soradin · Accepted Answer

Lifetime gifts let you see the benefit, but they reduce your control and may have tax, basis, creditor, and long term care consequences. For this planning decision, giving money to family can support education, housing, or other goals, but the giver should protect retirement security and consider taxes, fairness, control, and the recipient's financial habits. This decision should be judged in the context of the entire household plan, not by looking at the product or account on its own.

Can I give an inheritance early?

Soradin

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